Leases Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease, Cost

The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three and nine months ended September 30, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.

	PSE&G			PSEG Power			Other			Total
	Millions
Operating Lease Costs
Three Months Ended September 30, 2019
Long-term Lease Costs	$	7		$	4		$	3		$	14
Short-term Lease Costs	3			2			—			5
Variable Lease Costs	—			5			2			7
Total Operating Lease Costs	$	10		$	11		$	5		$	26
Nine Months Ended September 30, 2019
Long-term Lease Costs	$	16		$	9		$	11		$	36
Short-term Lease Costs	12			7			—			19
Variable Lease Costs	1			7			7			15
Total Operating Lease Costs	$	29		$	23		$	18		$	70
Three Months Ended September 30, 2019
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	5		$	4		$	3		$	12
Nine Months Ended September 30, 2019
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	12		$	8		$	11		$	31
Weighted Average Remaining Lease Term in Years	13			13			11			12
Weighted Average Discount Rate	3.6		%	4.4		%	4.2		%	4.1		%

Lessee, Operating Lease, Liability, Maturity

Operating Lease Liabilities as of September 30, 2019 had the following maturities:

	PSE&G		PSEG Power		Other		Total
	Millions
2019	$	4	$	3	$	4	$	11
2020	15		13		16		44
2021	12		13		16		41
2022	10		14		15		39
2023	8		8		15		31
2024	8		3		15		26
Thereafter	67		48		90		205
Total Minimum Lease Payments	$	124	$	102	$	171	$	397

The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets:

	As of September 30, 2019
	PSE&G			PSEG Power			Other			Total
	Millions
Undiscounted Cash Flows	$	124		$	102		$	171		$	397
Reconciling Amount due to Discount Rate	(27		)	(29		)	(33		)	(89		)
Total Discounted Operating Lease Liabilities	$	97		$	73		$	138		$	308

Schedule of Future Minimum Rental Payments for Operating Leases

Operating Lease commitments as of December 31, 2018 had the following maturities:

	PSE&G		PSEG Power		Other		Total
	Millions
2019	$	15	$	11	$	15	$	41
2020	11		13		16		40
2021	10		13		16		39
2022	8		14		16		38
2023	8		8		15		31
Thereafter	66		51		105		222
Total Minimum Lease Payments	$	118	$	110	$	183	$	411

Operating Lease, Lease Income

The following is the Operating Lease Income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2019:

	PSEG Power		Energy Holdings		Total
	Millions
Operating Lease Income
Three Months Ended September 30, 2019
Fixed Lease Income	$	—	$	6	$	6
Variable Lease Income	7		—		7
Total Operating Lease Income	$	7	$	6	$	13
Nine Months Ended September 30, 2019
Fixed Lease Income	$	—	$	17	$	17
Variable Lease Income	19		—		19
Total Operating Lease Income	$	19	$	17	$	36

Lessor, Operating Lease, Payments to be Received, Maturity

Operating Leases had the following minimum future fixed lease receipts as of September 30, 2019:

	Millions
2019	$	2
2020	20
2021	18
2022	17
2023	17
2024	16
Thereafter	171
Total Minimum Future Lease Receipts	$	261